Association

Wishart Christian Village Association Inc.

Wishart Christian Village Association Inc. is a charitable, not for profit organization which owns and operates Wishart Christian Village, an independent living retirement village for Christian retirees of the age 65 and over. It is governed by its Constitution, the Associations Incorporation Act 1981 and, as a scheme operator of a registered Retirement Village, the Retirement Villages Act 1999.

The Association offers many benefits to the residents of its retirement village including low fees, generous capital gains on exit and no hidden costs.

It exists to provide in a Christian environment for the housing, accommodation, maintenance and welfare of men and women of Christian faith, irrespective of denomination and financial circumstances. (Constitution Article 2. Objects).

The License to Reside…

Residents purchase a lifetime License to Reside rather than purchase the unit or enter into a rental agreement.

The value of the License to Reside is based on valuations provided by registered valuers, and is referred to as the Ingoing Contribution

The Exit Fee, which is payable to the Association by the outgoing resident is calculated as 2.5% of the Ingoing Contribution times the number of years of residency, (up to a maximum of 12 years and pro-rated on a daily basis if necessary)

When the resident leaves the village, the unit is reinstated with the reinstatement costs being shared by the out-going resident (70%) and the Association (30%).

The Exit Entitlement due to the outgoing resident is calculated as  the Ingoing Contribution less the Exit Fee, plus 70% of capital gains less 70% of the reinstatement costs, plus any outstanding monies.

Please note that the Village Comparison Document (referred to as Form 3) takes legal precedence over this short overview and is available for viewing here.